TerrAscend upsized the offering to approximately US$37.0 million.
TerrAscend Corp. (CSE:TER), a leading North American cannabis operator, today provided an update regarding its previously announced US$30.0 million non-brokered private placement. As a result of strong investor demand, the Company has upsized the offering to approximately US$37.0 million, which was oversubscribed and has been fully allocated. TerrAscend closed the second tranche of the Offering on May 28, 2020, issuing 3,561 Units at an issue price of US$2,000 per Unit resulting in proceeds to the Company of US$7.1 million. Subject to the satisfaction of customary closing conditions, the Company currently anticipates a final closing of approximately US$2.7 million on or around June 5, 2020.
Each noninterest-bearing Unit is comprised of one convertible preferred share in the capital of the Company and one convertible preferred share purchase warrant. The Convertible Preferred Shares convert to 1,000 common shares (for non-U.S. investors) at an issue price of US$2.00 per common share and the economic equivalent in proportionate voting shares (for U.S investors). Each Warrant will entitle the holder thereof to purchase one Convertible Preferred Share in the capital of the Company for a period of 36 months at an exercise price of US$3,000 per share, or the equivalent of US$3.00 per common share, as adjusted from time to time pursuant to the terms of the Warrants.
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